Australian group tables €95m offer for eircom

A group of Australian business executives has reportedly tabled an offer to buy eircom for the equivalent of €95m.

Reports this morning say the former Babcock & Brown executives, who oversaw the purchase of a majority stake in the company in 2006 for €2.4bn, would also assume €3.8bn worth of eircom debt.

However, Babcock & Brown Capital, the current owner of the company, is describing the approach as "hostile" and says it would be damaging to the future of the company.

An agreement from a sufficient number of BCM shareholders would be needed for the bid to be successful.

If the buy-out proceeds, it would be the sixth change of ownership for Eircom in recent years.